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<p>In the context of digital technology as the core driving force, data elements have become a crucial engine driving corporate innovation and high-quality development. Based on the quasi-natural experiment setting of China’s Integration of Informatization and Industrialization (IoII) Standard Implementation pilot program, we analyze a sample of manufacturing firms listed on Shanghai and Shenzhen A-shares (2008–2022) and employ the difference-in-differences (DID) method to examine the effect of data assetization on enhancing firm innovation performance and its underlying mechanisms. We find that data assetization effectively enhances the innovation performance of manufacturing firms, and this conclusion remains valid after a series of robustness checks. Mechanism tests reveal that data assetization enhances firm innovation performance through two mechanisms: strengthening internal control quality and alleviating financing constraints. Heterogeneity analysis shows that the enhancing effect of data assetization on firm innovation performance is more significant in firms with higher analyst coverage and competitive industries.</p>

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Does data assetization enhance corporate innovation performance? A quasi-natural experiment based on the integration of informatization and industrialization in China

  • 期刊论文

  • 发表日期：

    2026年1月7日

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  • Kaiyuan Yang,
  • Yuning Luo,
  • Qiao Zou,
  • Alfredo Jimenez

摘要

In the context of digital technology as the core driving force, data elements have become a crucial engine driving corporate innovation and high-quality development. Based on the quasi-natural experiment setting of China’s Integration of Informatization and Industrialization (IoII) Standard Implementation pilot program, we analyze a sample of manufacturing firms listed on Shanghai and Shenzhen A-shares (2008–2022) and employ the difference-in-differences (DID) method to examine the effect of data assetization on enhancing firm innovation performance and its underlying mechanisms. We find that data assetization effectively enhances the innovation performance of manufacturing firms, and this conclusion remains valid after a series of robustness checks. Mechanism tests reveal that data assetization enhances firm innovation performance through two mechanisms: strengthening internal control quality and alleviating financing constraints. Heterogeneity analysis shows that the enhancing effect of data assetization on firm innovation performance is more significant in firms with higher analyst coverage and competitive industries.